tv Varney Company FOX Business January 11, 2018 9:00am-12:00pm EST
>> final thoughts from general jack keane. >> taxes down, cash out. >> with general jacking on this one. >> will be here tomorrow. stuart varney on "varney & company" "varney & company." drain to always go with the general beauty is a great guy. the pastor movement into high gear. wal-mart joining the club. good morning, everyone. because of the tax cuts, wal-mart will give a bonus to a million employees and starting wages go from $9 to $11 an hour. earlier today, waste management and out $2000 bonus as $234,000
workers. more than 2 million people getting bonuses and/or higher wages because of the trump tax cuts for business. numbers this big suggest a quick shot in the arm for consumer spending and therefore probably more economic growth. when trading begins will move higher again. the dow, s&p, nasdaq on the upside. crypto current season is. south korea is the center of crepe go action of legislators that would then crypto currency trading result. extreme volatility and others. bitcoin down $13,000 a. a surprise move nearly 107 elevenths were rated tight immigration offices checking paperwork in the immigration status of 711 employee is. look, the news is dominated by
the spreading bonus trend. a lot of people are getting unexpected windfall. "varney & company" is about to begin. let's get right added. wal-mart raising the minimum wage for new workers, handing out one-time bonuses. go through it all. transfer bonuses of 1000 based on seniority. wal-mart would take a $400 million charge in the most recent quarter. 10 weeks paid maternity leave goes beyond the bonuses. six weeks parental leave, 5000 adoption financial help her child, per dr. child. this is because of the corporate tax cut. i will tell you, it is beyond bonuses. when they talk about benefits and wal-mart has been heavily criticized for not doing enough and pay more for workers, this also helped wal-mart close
helped wal-mart closed the page output target at a time when the nfib is having a hard time finding quality workers in all the stores. wal-mart's operating in every state. this is a political issue for democrats going into the election saying that tax cuts are bad when we have now 100 dirty three companies reacting, responding to the tax cuts doing more in the way of four o. one 401(k) contributions, bonuses, higher pay, customers and energy companies. that helps the poor who get slammed very hard by energy bills in places like massachusetts. true to what you write as senator elizabeth warren. she blasted the givebacks from the tax deal. roll that tape. >> if democrats take control of congress, which he repealed the tax law? >> what we have to do is change it. you have to take where the giant giveaways to big corporations
there right now the republicans plan for hard-working families to eventually pay for it. it's fundamentally wrong. >> a resource in massachusetts, the electricity company going to give a big break to consumers. >> and good for them. i'm delighted to hear that. it is a trillion and a half dollars that the republicans gave away two billionaires into giant corporations and they expect hard-working families to just pick up the ticket on that. i want those breaks to go directly to hard-working families, not to venture rich folks. stuart: they are, senator warren. joining us now is harder than on the trump for president campaign. can you believe that? a leading leftist democrats saying these voters. >> how dare people get raises. turn into question, are you going to take them back?
>> they will take them back. democrats have been exposed. democrats used to be, because i'm a former democrat, used to be the party of the working class. they promised they were going to provide relief to working families and now the policies of a republican administration are finally providing with the two americans after eight years of just unbelievable pain in the american middle class. as was mentioned over 133 companies are providing raises, bonuses, higher pay for consumers. mrs. elizabeth warren has been exposed to the double standard. she's not interested in providing relief to the american middle class. she's interested in paying because she wants to leverage that for her own political well-being. the president successes in her success. stuart: here's another one for
you. this headline in today's "new york times" from the editorial board of "the new york times" on our screen right now is mr. trump notes? that is the word they used. >> there is no respect. democrats trying to sell contradictory conspiracy theories here. one minute the president is a buffoon it didn't want to win the election. the next minute he's a criminal and double agent and conspiring to undermine the institution of the democracy. they can't have it both ways. then i tried a claim is not an incompetent and can't stand for office. trying to mainstream the conspiracy theory that's absolutely totally unsubstantiated by any facts. stuart: here we go into november elections. the economy is going nicely. very low unemployment and 2 million people getting a windfall bonus by checking and
are they going to say the president is not so get rid of tax cuts? >> in 2016, hillary clinton should have one on the numbers. on paper or she should have won. they blew it in president trump took advantage of that. in 2018, democrats should win, but it looks to me if they keep up with the messaging they will blow it again in president trump never underestimated that he'll capitalize on this. >> good stuff. stay there. i've got a talk about bitcoin crypto currency is. a look at stock futures first of all. up on the opening bell bouncing back a little bit after yesterday's roller coaster ride. this morning we got this tweet from president trump. he says in a new quinnipiac poll, 66% of people feel the economy is excellent or good. that is the highest number ever
recorded by this fall. brian brenberg, professor at king's college in new york city is with us. that suggests that people are beginning to see that this economy really is doing well and that perception is very important. >> any money in their pockets, bonuses and prices going down. the economy doing well in president trump has a lot to do with it. the formula's tax cuts, regulatory cuts with low unemployment the raises wages. that's a great story to run on. trade to the wal-mart story this morning. up to a million people. 2 million people in total. what is your prediction for economic growth in the year 2018? >> economic growth edged slightly higher than it's been a massive new story. we keep talking about slightly here. that is good and great. 3% economic growth. that is good news for republicans going in the 2018
election. democrats are than it do enough to discount what's going on in the economies. >> goldman sachs has for now. >> that's news. goldman sachs now says 2018. that's news. >> jimmy dunn also seen 4% from 4% signifying his own chief economist. we promise that. >> yesterday where appeared before the election looking at tax cuts, the prediction was go to 4%. trade for a promise performance was the worst since herbert hoover in terms of economic growth. president trump has been 3% plus gdp. >> president trump deserves a lot of praise from now. don't discount back. trent on the downside again after reports that south korea plans to ban all crypto currency. your finance have on this
morning. would you make of this? >> there's companies out there say this is competition we are concerned about it. i don't think the south of koreans will like this very much because it's one of the places where they been worse popular. do not stand for the government even if it's speculative. no reason he gets in the way of this sort of thing. this is the greatest game of waccamaw lover. governments can't do anything about it. passage of a deal for south korea, the places like venezuela where people are craving a koreans of the works, putting a lot of hope in these things. that is good for people. stuart: generally stopping population anywhere in the world. >> which is why this sounds like bigger news than it is. pretty short order here. stuart: 13,000. the air force deploying two
bombs. a big show of force against north korea. why not coming out. immigration officials at nearly 10711 stores. 14 stores seized. nine others arrested. another 40 stores in the investigations they say. the stores are running a modern-day plantation operation. more details on that. but when shows off the new giant drone. get this. it can carry 500 pounds of cargo calling a game changer. more "varney" after this. that's lesson one. education to take your trading to the next level. only with td ameritrade.
stuart: we know a lot of people have their money in the big set there. this is the free market in amazon, apple, microsoft. all of them on the upside. the big banks have been doing very well recently because interest rates are rising they make more money when rates are rising premarket trading since all of them, jpmorgan, wells fargo, all of them, killing my
ear, on the upside this morning. we will stop there. federal immigration agents with 21 suspected illegals yesterday after oddity nearly 10711's. a four-year investigation into the company's immigration status for its employees. fox news contributor lisa boone. good morning to you. looks to me like the administration is playing hard all the liberally right before the immigration debate. >> it also appears president trump is following through with the promises he made on the campaign trail. he made immigration a cornerstone of his campaign going after illegal immigration, illegality of the southern border. that was a promise he made to voters in the following through. even in the first 100 days in office, something like 30,000 criminal aliens arrested. until we see president trump really go after illegal
immigrants were specifically more going after criminal illegal aliens in the country as well. stuart: he's doing what he said he was going to do. >> who would've thought of a politician following through with what they said they were going to do. we are not used to it. president trump standing fast on building the wall as well. roll that tape. >> no. no, it has to include the wall. we need the wall for safety. we need the wall for stopping the drugs from pouring in. any solution has to include the wall because without the wall at all doesn't. we have to have the wall for security purposes. security is number one so the answer is have to have the wall. >> i think he is clarifying a little confusion. he is now saying do daca, but she's got a build the wall. >> right, he promised on the campaign trail.
if he was to give that up you would have a lot of disappointed voters in the country who supported them based off of his immigration policies. if there is a time for president trump to hold congress to see to the fire and get some of these immigration promises done, now with the time was daca because democrats come to the table, they want to get it done and now it's time for president trump to push for it. a lot of these guys are hypocrites on the issue. go back to 2006 india people like senator schumer, dianne feinstein, hillary clinton, burke obama at the time when he was senator before he was president all voting for a physical barrier in the southern border. >> has he got the votes? at the moment, you need 60 votes in the senate to pass anything major. does he have them? >> that's a good question. if you're president trump, now is the time to push for his famous is something you absolutely want and is a dealbreaker if it doesn't
happen. now is the time for president trump to push and to prod them push republicans on that as well because he's going to need those republicans in the senate having his back on the issue of the wall. i'd be interested to know what communication is happening between the trump administration in congress but now is the time to really push republicans having his back on the issue because that if anything as i would get that done. >> i would love to be a fly on the wall. with the camera, too. >> maybe that will happen based on the other day. >> thanks very much indeed. move on to your money. how are we going to open this this morning on the upside my huge rally. if you look carefully, pretty close to 25,400 up about 30 on the opening bell. big announcement this morning. president trump says states can do the work requirement on medicaid recipients.
wal-mart raising the minimum wage and pay and bonuses through hundreds of thousands of people. waste management says it will give 2000-dollar bonus is every north american employee about 34,000 people. today, the trump administration issues guidance to state that will allow the states to compel people to work for prepare for jobs if they want to give medicaid. first reaction. >> i love it. the plan to get people who are working to go to work it is not to hurt the single mom. it's the people taking the money are not doing the work they should be doing. i like that and this gives states the ability to experiment gisela get the best solution to the problem. stuart: harlan hill, do you think he would get through? >> absolutely. 10 dates have opted in. it is important to label this distinction here. this only applies to able-bodied people who are now working, not volunteering in their
communities or not training for a job. if you are doing one of those three things, you are exempted and that's an important distinction we need to draw here. stuart: the word evil body is in there? ashley: yes. stuart: fewer able-bodied, capable of working then you are not working and not training, you lose your medicaid. the vast majority of americans support this kind of thing. they're fine with medicaid, but they want people who should be working to work enough that this policy should do. liz: i know you want to flesh out the cheaters, but what about the part-time mother struggling with three jobs, traveling on the bus of kids and homes. she is three part-time jobs, but she needs medicaid. how did the state's care for her? she's working, but a lot of workers still get food stamps. stuart: i don't think that's part of the argument.
if you are able-bodied, not working in on medicare, you lose your medicaid. liz: i understand. i'm seeing reports coming out of various states that don't q2 exactly what you're saying. stuart: the lawyers will attack it. >> this is interesting but she's breaking up. you may work at three part-time jobs and you're not considered a full-time employee and are those people covered under this program? ashley: in that situation you would have to devise something that would not -- not denied medication. stuart: other states are an experimental program. let's get a good program for everyone. >> the left wants federal solutions. i am all for that. stuart: here we go, for about five minutes to go in that market will open higher. not a huge rally, folks but it will be out.
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downside move in the entire year does far here today is january 11th. if that was a modest lift down, it wasn't much, was it? are you going to buy it today and move it back up again? the dow industrials are about to open. i think we are going to open higher. yes we have, up 31 points. 25,400. 25,417 up nearly 50 points above 25, opening higher this morning, this thursday morning. the s&p 500 also hired by the same percentage points in the tech heavy nasdaq opened also hired about the same percentage of 0.2%. the big corporate story of the way, the economic story of the day as wal-mart will raise its minimum wage for new workers and it will pay bonuses to its hourly employees with hundreds of thousands of people.
all of this thanks to president trump's tax-cut package. joining us now, ashley webster, elizabeth mcdonald, john layfield and brian brenberg. i will start with you, john. wal-mart deal is a big deal for stock because it's a big deal for the economy. >> i agree completely. wal-mart is the largest employer in america. also consumer strike over 70% of gdp, giving money back to consumers. this is what she will pop in with the tax package and potential repatriation of money. happening with wal-mart and other companies that does affect gdp in a positive way. liz: r. vos pointed this out, and helps wal-mart's own bottom line because field workers spend a lot of their own paychecks at wal-mart. because why is the stock led down? $400 million charge. stuart: okay, fine.
trade very waste management announced they were going to give up bonuses and benefits in the long run because workers could invest it in the economy. the economy grows waste management business. a win-win situation. >> critics say this is a one-time thing. i like it because it's a signal of what's coming over the long-term. more raising wages, good news for workers. just the beginning. >> headline news and we are not feed them. 133 companies. >> that list is growing at 133 companies offering bonuses or higher wages. >> in cutting utility bills. stuart: let me analyze this. we were at a minor dip yesterday. if that was the dip, didn't account for very much and it's been wiped out today. back in again. was that a dip and did you buy it?
>> no, didn't buy it but i'm almost fully invested because i'm very bullish. but like wal-mart which i own, verizon i owned are going to benefit greatly for the u.s. economy with most of their earnings in the united states. tax cuts will benefit them. i don't see anything like janet yellen said the recession is a three to five years. stuart: that's interesting. brandenburg, you are the economists. >> of that to see her crystal ball. everything is a good news story right now. but the tax cuts and money in people's pockets, that is a lot of fuel to the fire. stuart: at amazon and netflix up another $4 at $1258 a share and netflix at $214 a share.
all-time highs for both of those major technology companies. how about this firm bitcoin, down after reports that south korean authorities plan to ban all crypto currency trading, down 800 bucks at the moment, $13,000. bitcoin not going away, crypto currency not going away. is this background noise for the stock market for a long time to come? >> i think it is. governments cannot control this currency. would you rather invest in the fiat or more value. i think it's a bubble right now and i don't know where the value is but they will not like this at all because it's going to take government out of these currencies, but it's got a come from the ground up, not the top down. retail stores that start taking bitcoin, which started putting
currencies. stuart: let's get to new york city, the mayor of the big apple, bill did lazio says they will not invest in oil companies and is suing either them to boot. ashley: you know why, they are responsible for climate change which was so devastating to the new york city area. nothing but a complete publicity stunt. hypocritical. all of its policies put more vehicle is on the road to new york city. handing out to teachers and i brought up by tens of thousands. electric says you should drive. the whole thing is so hypocritical and so is de blasio. train for when he goes to the gym, he has a whole stretch of suvs taking him to the gym in brooklyn and then he flies around the world on jets. stuart: we work in new york city and he's just been reelected
mayor. just remind the near. we were up 44 pounds for the dow industrials, up 25,400. good numbers from the homebuilder kb homes expects solid demand for housing this year 2018. 6% higher. they're profiting delta. more people flew in the holiday season for the record high for adults at $56.43 per share. wait for it, big changes at diet coke, sliding sales. new flavors and a modernized can will do it every time. xerox in talks for a major deal with japan's fuji film trying to reinvent itself with the stock is up 4%. big tech names. last time we checked a few minutes ago, all of them were higher. down 46 cents, 87 points
or d. let's move on. what else on. what else have we got? shut blue looking down the road they see more money coming across. investors like those rosy forecasts. jetblue is up 1%, 21 on jetblue. lulu lemon has raised its target price to 88. it says 78 now. i've got three cutting-edge stories for you about voice assisted technology. number one, toyota teaming up with amazon to bring aleksei and to some of its cars. number two, dish announces voice control integration with google home in google assistant. it's a voice control remote and this is voice control stuff. facebook reportedly working on a
room. how would that work? transfer we are going to be spending a lot of time talking and devices. they don't have to say go to mcdonald's and get my cheap coffee. stuart: this is all futuristic stuff. >> this is a big deal. the homeboy services means it could then make more money off of this voice services staff. the question for all these guys is what is the privacy stuff for your tvs doing surveillance, and amazon .co listening to you when it's off. >> we are talking to more devices. they are listening to us, what is my music, what am i talking about? who will figure out what i want. liz: sharing it with third party advertisers. stuart: george orwell in 1984
when the look thank you. of the u.n. told the authorities what you are up to. >> he read it seven years ago. move on. the convenience stores to drive more traffic to the neighborhood . with the stock doing? coles is up, they like it. >> coles is trying to figure out a way to not go the way of macy's. i love what they're doing. big advantages they are not a mall store. people go in there for other reasons. more located by places like wal-mart and costco. i like what they are doing. i think they will be bought eventually by somebody like amazon. stuart: president obama's treasury secretary by jack lew says president trump has been lucky so far but no external shark is the rail of the
economy. we've got a nice solid gain here for the economy. it's bad luck? >> the most meaningless statement. everybody's lucky all the time there is not some external shock. president obama was, people wanted it the fact president trump's policies are having a positive effect on the economy and the evidence is staring them in the face, which is why people are believing what they're saying. >> how about deregulation, tax reform. >> precisely. look at the dow at 25,427. before we close this out, i want you to tell me when you think we are going to get to 26,000 on the dow. >> if you listen to president trump with the streets, you will get there pretty quick. i think we'll get there in the next month. i don't know for sure. the great thing is going on.
companies like amazon, a lot amazon, a lot more than my son. these companies are growing even though they're great big companies. the economy right now and is certainly worrying. that will continue for the foreseeable future. stuart: you are a great man to pile into amazon at $250 a share. >> the acquisition of soup.com. 300 million people competing with the sovereign wealth fund. this adds as many people in the middle east, and i think amazon to name stock will go up significantly from here. stuart: you are a brave man. we've got to say goodbye. back to the beach. we appreciate you. up next, a lawmaker who's on the unprecedented televised immigration debate with the
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stuart: a solid gain a 58, well above 25,000. the dow component wal-mart, big story of the day, that is an all-time high that the wal-mart going to get bonuses to maybe a million of their employees because of the tax-cut package. another dow component has built a giant droned that can carry 500 pounds of cargo. tell me about it, nicole. >> is so giant, as big as a car. 15 feet long, four feet tall.
this is an elect her, vertical takeoff and landing vertical. it is remotely controlled, has eight counter rotating blades. the interesting part is amazon might even be interested in this and sending your television cents in heavy goods for delivery. you know, have to tell you, boeing just made this acquisition four months ago and here it is. they have now put out this prototype. stuart: 325 bucks a share. to immigration, president trump all the bipartisan immigration meeting at the white house tuesday. our next guest was there. thom tillis, republican from north carolina. senator, that was a remarkable event if i can put it like that.
now, you say that the president did indeed look like a genius. do you want to follow on from that comment? go ahead. >> he has the media you're trying to ask us if we believe the president to genius. i told them all and not a psychiatrist or psychologist may never administer an i.q. test, but what i saw this week was genius in terms of leadership. forcing people to have a public discussion about the gaps were resolved to come up with a secure border dissolution for the daca population. he did an extraordinary job and we need to do more of that. that kind of strong leadership to actually solve this problem has existed for decades. stuart: i wasn't expected he would allow the cameras to stay 55 minutes? would you expect that? >> the one thing you learn when dealing with president trump is expect the onyx acted. there was a really odd that they stay. what is funny is 25 minutes into it the reporters were saying they know we are told here.
they are not accustomed to having a leader willing to have that open discussion, not knowing where we go, but it went very well. it took us a long step forward and does not he single president that's ever taken that risk and i think it's a risk double payoff. >> the headline in "the new york times" this morning is mr. trump nods? i mean really, go ahead and make a comment. >> when i finished "the wall street journal" i'm afraid i haven't read that article appeared this is the same paper that talked about are restating in the segment before me. talking about the hundreds of companies giving away bonuses that are leading the market drive up the minimum wage versus the government. it is just an outlet that i don't spend a lot of time looking on because i think it's a distraction.
>> the big four, later mcconnell, speaker ryan, nancy pelosi and senator schumer were not at that meeting on day. does that to some degree undermine their leadership for the two parties? >> no, i don't think so. the leaders have a good job. they are kind of like air traffic control. when he said pilots at the table who will work on getting specific legislation that i know the german condo will move forward in the president will sign because he said it at the meeting this week. it is right to get it to the level for those of us who invested a lot of time and resources to bridge the gaps, come up with sound policy. >> uganda have 60 votes if you want to build the wall, get rid of chain migration and expect that and have 60 votes. 10 seconds. are you going to get 60 votes? >> i think we will.
stuart: mr. senator, thank you for joining us. check the market please. plenty of green. the stocks are going up on the left-hand side of our screens. the negotiator in chief, but when president trump ghosted doorposts among the liberal elite, it expects the disruptor in chief. monica crowley is next. when you book a flight then add a hotel you can save. 3 waves later, i think it was the other way around... ♪ everything you need to go. expedia.
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stuart: we learned this week president trump will attend the economic forum at the end of this month. monica crowley is with us. she is at the london center on this research. i almost fell off my chair when i found out he was going to davos. >> he made that announcement to shock everybody. he ran against the global elites having control of the one world government on one world economy in an american first agenda which appalls these of these. he is constantly disrupting the norm. constantly throwing the status quo. he's going to get it right in their faces. to show he's unafraid of them in their judgments on hand.
he doesn't care what they think. he's there to represent the united states of america and the american worker and i give them all the credit in the world for doing that. >> do you think he could do any sense in the good he'll represent america as a unique society, america as a country that's growing? will he project anything that will have some effect? >> yes. donald trump is extremely charming. i know someone who knows the french president macron very well. when you're one unwanted so tough to dissuade him. he's so charming he won me over. whether macron would say that the e.u., probably not. it pays for the president to stand for american interests abroad. get up in their faces, stand for the american people, but also to
charm them so that they may be more likely to support the united states. stuart: them to point out the dow industrials have hit another all-time high with 2,545,152 of 84 points. >> is that because i'm doing a new? i'll take all credit for that. darryl i said, republican california is retiring. the republican establishment seems to be leaving the field for that. does that worry you in anyway shape or form? >> it does because i'm worried about the next election cycle. darrell issa he won by less than one percentage point last time around. i think he's gone to writing on the wall. 31 republicans, not seeking reelection. 19 retiring, 12 seeking higher
office. democrats in a similar boat. 15 so far not seeking reelection. the map is going to be a difficult year for republicans, but not as bad as people think because of the economy, because of the tax cut bill because that the one issue everybody votes on. >> when you look at the map after the elections in november, it will show solid without virtually we are almost in that situation. such aid important component of this because what they seek is to flood the zone but the legal immigrants that they put on a path to citizenship so they can get a permanent voting majority. i am not going.
stuart: getting real hard to keep up with all the companies passing along their tax cut savings directly to their employees. is a very long list. the blockbuster bonus news came from walmart this morning. hundreds of thousands of employees will get 500 to 1000-dollar bonuses, plus a 2-dollar per hour increase in starting wages, plus added maternity benefits. grover norquist keeps tabs who is getting what. as of last night, one million 39,839 people were getting bonuses. now must be over 2 million people getting bonuses. add waste management to the
list. they're giving 2,000-dollar bonuses to 34,000 workers. other companies pledged to hire more people and invest more money in facilities that make working lives easier. six utilities announced cuts in customers gas and electric bills. six clearly the tax cut benefits are being pass along to the customers and employees too. what is the response to the left? massachusetts senator warren continues to say it's a giveaway to rich corporations. when fox news bret baier asked her about the massachusetts utility lowering customer bills, she shrugged, good for them, she said. then returned to her giveaway to the rich theme. let's not forget the nancy pelosi called the tax plan armageddon. 80 million middle-class americans will face a tax increase. will we ever see an admission from the left that the left is dead wrong? probably not but it will be
increasingly difficult to portray strong growth, bonuses, wage hikes as a bad thing. look at this morning's tweet from the president. here it is. in a new "qunnipiac poll" 66% of the people feel the economy is excellent or good. that is the highest number ever recorded by this poll. let's go back a little. it was a democrat who coined the expression, it's the economy, stupid. the elections are 11 months away. the second hour of "varney & company" is about to begin. ♪ stuart: all right, mortgage rates, we just got the latest read. give me a number. ashley: we still, still under 4%. by how much? 3.99% is what a 30-year fixed-rate mortgage will cost. a year ago this time it was over
4%. we do know rates are moving up just a little. it is being reflected a little bit in that 30-year rate. stuart: i got a buck says it is above 4%. ashley: you're right. liz: big spender. stuart: we're up 90 points on the dow industrials this morning. 25,462. let's check the big tech names because amazon hit another all-time high. will you look at that the nasdaq, speaking of technology, that is also a all-time high. face back, 188 right now. amazon almost $1260 per share. microsoft at 87.90. alphabet, $1111 a share. they're all up. how about netflix, i believe an all-time high. netflix has gone to $216 per share. delta please. showing more profits.
more people flu -- flew during the holidays. all-time high for delta. kb home expects solid demand for housing this year. i believe kb home is also on the upside. price of oil this morning, we'll check all the markets, the price of oil is, $63 per barrel. i can't see it on the screen. 63 bucks a barrel. i'm sorry, $64 a barrel and going up too. we're up a buck. 1.6% higher. 64.58 on oil. i'm sure gas prices are going up too. get back to my editorial top of the hour, listen to what senator elizabeth warren told fox news's bret baier about the tax plan last night. roll at that tape. >> if democrats take control of congress would you repeal the tax law? >> what we have to do is change it. you have to take out the parts that are giant giveaways to big corporations that right now republicans, plan for hard-working families to
eventually pay for it. >> sure. senator, like ever source in massachusetts, the electricity company announcing they will give a big break to consumers. >> good for them. stuart: okay. joining us now, senator john thune, republican south dakota. senator, you must be salivating at the idea of the democrats going. >> election promising a tax increase and removal of all the bonuses? you're happy, aren't you? >> well, i'm not complaining. i think you kind of expect that coming out of the left right now, stuart. she is an example, senator warren is an example of the d.c. elites who believe that if we keep the money in washington, d.c., the politicians here can spend it better than the american people can or that american businesses can. what we're finding out as you point out this morning on the show, these businesses realize this is a great opportunity for them to expand and grow their operations. in doing that that benefits their employees, their workers. we've seen it in south dakota too. great western bank announced they're raising the minimum wage
to $15 an hour. you talked about walmart this morning and waste management, there are good stories all over the place people like elizabeth warren seem to want to turn a deaf ear to but in the end the american people are going to benefit. stuart: are you surprised, senator, i certainly am, i wasn't expecting two million people getting bonuses announced in the first 10 days of the new year. that is far more than i expected. that list could grow. you're pleasantly surprised i guess? >> like most people what we wanted was a pro-growth tax reform bill that would create conditions favorable and conducive to long-term economic growth. we want to get the economy expanding and growing in faster rate. we've been stuck in 1 1/2, 2% pattern for the last decade. we can do way better than that this send as message to the world that america is open for business again and i think the fact these companies are not only thinking long term about expansion and looking what they can do short term to benefit
their workers is a result of this is a really remarkable testimony to how much this tax reform actually means to business across this country, into their workers. stuart: mr. senator, can you get 60 votes in the senate for a deal on immigration which you build the wall, get rid of migration, but get rid of the lottery, but some daca people stay, do you have 60 votes for that? >> i certainly hope so, stuart. i think democrats that will vote for the deal. i talked to a number of democrats say they will be for that but they are una lot of pressure from their leadership, i think leadership uses political issue, one they can game and take advantage of. if we want to do the right thing for immigration we have to deal with border security, deal with chain migration, deal with the visa lottery, at same time we're dealing with the daca issue. there is a deal ready on the table. democrats will have to come to the table to be willing
participants and acknowledge dealing with daca we have to put border security measures in place. as you know a lot of these democrats in the past voted for things. they voted for the fence back in 2006. president obama when he was a senator, hillary clinton, a lot of these democrats today, chuck schumer all voted for the fence. acknowledgement border security has to be part of solution will be something necessary to get a deal. i hope the democrats will come. stuart: democrat john thune. thanks for joining us. >> thanks, stuart. stuart: get back to the markets because we're up all over again. we're approaching 100-point gain for the youdow industrials. modest pull back today. "barron's" senior editor jack hough is with us. if that was a pullback, it didn't amount to a hill of beans, did it? >> no. you kahn expect the market to climb higher. i think we're in the late every
stages of economic expansion. it's a long expansion. many of my republican friend say it is morning in america. it will -- whoever is right stay invested here because often the best gains come later in the economic expansion and i don't see any signs immediately that this economy is about to roll over. i'm watching. i'm watching the credit spend and difference between sentiments up here and savings down here. that could be early warning but i think the market is headed higher. stuart: a lot of viewers invest in technology companies. a lot of our viewers -- >> you must have rich viewers if they are invested. stuart: i believe we have you been with richest audiences of any tv show in america. they are asking, this question, why not sell a little of the big tech companies, take the money off the table, secure it for heaven's sake. is there something wrong with that. >> i think so. stuart: what do you sell? >> these companies are not all the same. i am bullish on amazon, alphabet, facebook. not as bullish on netflix.
so far netflix is proving me wrong. look at company like amazon, first of all we never seen companies this book grow this fast, right? amazon we talk about the retail, we talk about the cloud. have you watched amazon advertising business? do you know they have advertising business? it is about this big. it is growing 55% this year. 75% gross margins. couple billion dollars revenue. will be $6 billion a in next couple years. people don't watch it. example where they have tons of room to grow. these companies have room to expand. stuart: you have done well, stay in there, don't sell now? >> i think the bulk of these names have further to run from here. stuart: okay. bitcoin. >> including apple, by the way. stuart: including apple. microsoft too i take it? >> you own microsoft. i will not say a bad word. >> learned well. >> microsoft is doing well. stuart: look at bitcoin. it pared its loss. it is down 390 bucks, $14,000 a
a coin. authorities in south korea cracking down on bitcoin trading. china we hear might be doing the same thing. i don't think it will ever go away though. >> it might not go away but the taxed authorities, right? this is new page in the story. we have $750 billion of collective market value for these cryptocurrencies. that is almost the size of apple. government is saying way eight a second from our cut. are you sure you're paying your taxes on this stuff? we'll see more doors getting knocked on. hard to track people trading this stuff. not hard at all to track for people mining the stuff. look for big electricity bills. stuart: that is interesting. they will crack down, successful crackdown but won't make cryptos disappear? >> won't make blockchain technology go away. stuart: jack, thank you as always, appreciate it. we have pictures for you of the devastating mudslides in california, montecito in
particular. 17 dead. oprah winfrey shade videos and photos from her backyard in santa barbara. showing deep mud and rescue helicopters hovering above her house. we'll show you a live report from the ground there. liz: awful. it is awful. was the clinton-backed russian dossi used for evidence as reason to spy on trump campaign? it would be serious if they did that. we'll ask congressman jim jordan senate race in arizona, sheriff joe arpaio and sally ward are running. some one might be leading the pack, congresswoman mcsally. i will ask her later this hour, are you running? ♪ . life happens.
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stuart: the big board shows an all-time high for the dow industrials. 25,460. how about amazon? ubs raised its target price from 1250, to wait for it, $1440 per share. amazon up another five 1/2 bucks today. changes coming at diet coke. they face sliding sales. they have new can, new flavors. see if that gets them back on track. that's diet coke. president trump tweets on the russia probe and dossier this morning. here is the first quote. house votes on controversial fisa act today. this is the act that may have been used with the help of the discredited and phony dossier to surveil and abuse the trump campaign by the previous administration and others? that is the trump tweet this morning. joining us jim jordan,
congressman from ohio. jim, okay, where do we start with this? the implication is that the fbi used the hilly-funded dossier as a excuse to spy domestically on the trump campaign. can you prove it? >> not just implication, all the he have points to that. that is why we called for last night for our house leadership to make available to every member of congress that fisa application and the evidence and the documents that devin nunes of the intel committee is receiving. made available to every member. you will see outcry from members, make this available, declassify this so the american people can see. that is what evidence points to, that they did use the dossier to go get the warrant. stuart: what would be the implications, if it is proven that the fbi used the dossier as excuse for domestic spying? what is implications of that, if proven true? >> there are fundamental questions here. was the fbi paying christopher
steele, the author of dossier and same time dnc and were using them. that disproven salacious dossier testified to, that was disproven. i think a a bunch of ba loan if i there. did they get warrants to spy on people in the trump campaign? use that they got and unmask other names they discovered in the surveillance? if that happened in this great country, that is wrong as it gets. we have to get to the bottom of. everything we keep seeing emails, text messages between lisa page and peter strzok and talking about their insurance policy and their plan to make sure donald trump is not elected president. all that points to that direction. let's see for sure. let's see the evidence. classified information, make it available to members of congress. stuart: all of us have been seeing leaks, documents, this, that and other, very few people can actually follow it. ii want to ask you, jim, what is
the mouth outrageous thing you've read in i of the documents you've seen so far? >> i haven't had access to the documents. all we've seen is the text messages. peter strzok, the text messages between he and lisa page, we know what they say. peter strzok ran the clinton investigation. he changed the famous exoneration letter from gross negligence which is criminal standard to extreme carelessness. he interviewed, clinton, abedine and mills and ran the russian investigation, interviewed mike flynn. we have all the evidence. interview the people. see the documents. make all the documents available not just to the intelligence committee, not just to the house leadership, but to every tingle member of congress. dianne feinstein started this the other day. she released transcript of glenn simpson, head of fusion gps. let's see it. stuart: can you force it, can you force it to see what is going on? >> you force it by talking about
it, raising awareness and pressure. don't misunderstand, chairman nunez has done an outstanding job on the intelligence committee. he is pushing for months for doj and fbi to turn over documents. he is now receiving those documents. all congressman meadows and i asked for, make the documents available to every single member about house of representatives so we can see. i think when we see that, it will confirm what we suspect. you will see the demand from members, now declassify it so the american people can see what took place at highest levels of the fbi. stuart: jim jordan, please come back. let us know what is going on. jim jordan. appreciate it. >> yes, sir. stuart: check this out. much of the las vegas convention center, complete blackout yesterday. lost power for about two hours. the irony did not escape the attendees. this is the ces, electronics convention. people on twitter, wondering if someone asked alexa to turn the lights off. you have a sense of humor.
the lights did go out for two hours. more "varney" after this. ♪ so i got an offer on the business, and now i'm thinking... i'd like to retire early. oh, that's great sarah. let's talk about this when we meet next week. how did edward jones come to manage a trillion dollars in assets under care? jay. sarah. so i have a few thoughts on that early retirement... by focusing our mind on whatever's on yours. for her compassion and care. he spent decades fighting to give families a second chance. but to help others, they first had to protect themselves.
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on both sides to your ideal comfort your sleep number setting. and snoring? does your bed do that? it's the lowest prices of the season on the queen c4 mattress with adjustable comfort on both sides. now only $1199, save $400. plus, 36 month financing available. ends monday. visit sleepnumber.com for a store near you. stuart: kb home, the stock is up nearly 10%. they're expecting solid demand for housing this year. they made good profits. that stock is going straight up. better profit at delta. they flew more people over the holiday season. they made good money. that offset higher costs. that is all-time high for delta. 57, 58 earlier. walmart whoa, big announcement today, raising minimum wage for new workers and giving bonuses i think to
hundreds of thousands of people. jeff flock, give me the full story, please. reporter: yeah, i want to give all the details because some have been left out in the reporting so far. yes, 11-dollar minimum wage for entry-level folks, that you know, but bonuses up to $1000 if you have 20 plus years, $1000. if you're less than two years of service, you still get a bonus of $200. in addition, there are maternity benefits and paternity benefits being increased. you now get 10 weeks if you're a woman and six weeks of ternnal leave when you have a -- paternal leave when you have a child. $5000 when you adopt a child. this is new benefits as well. this will cost the company $300 million for the wages. 400 million for the bonuses. they're taking a charge for that. talking about the stock, it is down a little bit today. this matches what target had already done, late last year. target already increased to $11 their entry level folks.
if you look at stocks to compare them for the year, past year, walmart up 46% is our calculation. target down 7%. happy day at walmart. i'm in the parking lot where it is raining. stuart: exactly. if you're a walmart worker, and you get a bonus of 200,000, 500 bucks you're a happy camper, aren't you? >> you can afford a lot at walmart for that kind of money. stuart: jeff flock right there in the middle of it, in the rain. come on in. over 100 companies giving something back after the tax bill. it is walmart today, the left sticking with the talking points, saying the plan is a giveaway to the rich. we'll be back. building a website in under an hour is easy with gocentral...
♪ stuart: kind of like that. liz: leroy brown. stuart: get to the big board. serious up 90 points on dow industrials. that puts us at 25,460 almost. that is a new high. look at these, these are dow stocks, caterpillar cat, united tech, jpmorgan, look at them go, all-time highs for all of them. pay attention to boeing, that thing has more than doubled in the last 12 months. the big tech names, you have to check them all the time because that is where the money has been going. we have facebook down but at 187. amazon up nearly six bucks at 1260. alphabet is up and apple is up at 175. xerox reportedly in talks for major deal with japan's fuji
film. xerox is trying to reinvent itself. it is up one buck. i want to check bitcoin for a moment because authorities in south korea and china are going to or already cracked down on the cryptocurrencies and trading in them. gary kaltbaum, from kaltbaum capital management, he is the president thereof, he joins us now. gary, all these headlines, about brit coin, all this movement up and down, volatility, what do you make of it all now, bearing in mind the crackdown in asia? >> look, when you're an entity that goes up 15 to 20 fold in 10 months you will get wild swings, you will get a lot of wild announcements and get a lot of crazy talk and crazy trading. that is what you're seeing not only in bitcoin but i hear 2000 coins now. kodak just announced a coin. i think i will announce the kaltbaum coin today, maybe that women skyrocket also. stuart: you know what kodak did? they introduced what they called a bitcoin mining machine.
they will rent it to you. take 50% of your profits. what do you make of that? >> i don't know what to tell you. look, the stock went from 3 to 13 on the news. it is back down to nine. as i said about all these questionable moves these stocks, don't be the last one in. i think it was about three weeks ago when we started talking about it, stuart. a lot of those stocks were selling iced tea and juices and cigars are down 75% from the highs. so again, it is called picking your poison and making sure you know where something comes from before you get n i'm pretty sure all the stocks will go right back where they came from. as far as bitcoin, when all said and done, i don't know in the short run but i have a sneaking suspicion it will go back where it came from also. stuart: gary i don't follow you because you look at bitcoin. i follow you because you look at the overall market so i want your opinion. are we about to see the next leg up for stocks in general?
>> all i can tell you bear markets last three hours right now, stuart. every time i sell a stock i regret it the next day. that is what is known as major strength. we're not just having a rally, we're having a broad-based rally. in the last couple months commodities sector has been skyrocketing, that is a big help to the indices also. housing stocks are just rolling here. kb homes is another case in point. lennar announced numbers. they weren't even that good. the stock still went up five, 6, 7%. we have a broad based rally and i see nothing this second that tells me, except for minor pullbacks we're heading for any kind of big correction. i look for one on a daily basis, stuart, and it just isn't happening yet. stuart: for all of our viewers are in the market and most of our viewers are, stay there, that is your advice? >> don't do like i did yesterday. i sold a couple stocks and they're both up two to 3% today. so right now, you hold and you hold and you hold momentum is
momentum is momentum in the market and we talk about it. there is some darn great news out there, you're talking about it with walmart. that is meaningful, that means more profits going forward. if that continues, i expect it to, markets will be in good stead. stuart: gary kaltbaum, always a pleasure, join us again soon, gary. >> thank you. stuart: adding on to what gary is just saying there, waste management announced 2,000-dollar bonuses this year for about 34,000 employees. just one of i think it is 133 companies that have done that, offered bonuses or higher wages because of the tax deal. so too has fleming car and truck. that is a new jersey company, the chair, joins us now. you, sir, i believe are giving back to your employees. tell us what you're doing. >> absolutely. with tax reform, more simple. we retain more money for our
business, our biggest asset our employees we invest with them. we give a bonus, increase our facilities. our retired partner and i put our customers first, but we can't put them first unless we put employees first. stuart: how many employers do you have? >> in and out of phlegming ton, 700. >> all there being in 500-dollar bonus, part-timers, 25 hours per, receive a bonus. stuart: when are you paying them. >> paying them tomorrow. separate checks, announced it on mon. tell you what is the tax reform, doing for main street, not just wall street. when we looked into our employees ice, made the surprise announcement, some people had tears. there was applause. it showed our company, the flemington car and truck respect employees. when we send money to washington we don't put it in our pocket, we give it to the employees and
reinvest it into the community. stuart: you knew you were going to look good. you tell the employees, here comes the money, i'm writing checks on friday, you knew you were looking good, don't you? >> i was ready for my close up. stuart: it means a lot, folks who don't make that much money, you get a check for couple hundred bucks or 500 bucks, it means a lot. >> it means a lot, so much in fact one employee came up and hugged me and cried, said i have never been respected this much. another single mother, tuition bill on the desk, she didn't know what she is going to do, she now knows what she is going to do, $500 going there. this works. this isn't gratuitous. this is the america i used to know. stuart: wit a second, are you dipping into your own pocket, dipping into your own profit to pay these bonuses or does it come as pass-through from the government with tax cuts? >> this is pass-through. stuart: totally. >> this is pass-through in two ways. money for employees, they earned
it, they worked for it and reinvest in buildings and equipment. it is arbitrage. instead of sending money to washington, we're keeping it on mainstream,. stuart: your name is steve kalfer. >> all my life. stuart: fleming car and truck new jersey. >> yes. stuart: are you the guy who pulled ads from the billboard from the nfl for anthem protest? >> pulled ads for the nfl. we did not protest the social justice. that is important. we protested disrespect for all of our first-responders an for all of the people who gave us the opportunity to stand. stuart: what was the reaction though. >> overwhelming -- 99 to 1. i received letters and emails from all over the world. i had people from texas calling me, i'm coming from texas to buy a car. we'll see. actually they did. we hit, this was very simple decision. it was, you can't let this
stand. stuart: okay. are you a trump guy? >> i voted for president trump. stuart: okay. do you support him? >> i support him. stuart: to this day? >> to this day. stuart: he is not crazy. >> he is absolutely not crazy. stuart: steve, thank you so much for joining us. we appreciate it. thank you. all right, back to my take. my editorial at the top of the hour, senator elizabeth warren totally dismissing all of those companies that are giving back to employees after the tax bill passed. doug schoen, former clinton pollster, still a democrat. >> still a democrat. stuart: with me now. on bret baier's "special report" last night -- >> yes. stuart: you know what i'm talking about? >> i do. stuart: there was senator elizabeth warren, bret said what about the companies like the massachusetts utility that's lowering tax bills? >> right. stuart: she said, just a giveaway to the rich. around she implied she would raise taxes if she got in power. how are you going to do this? >> well, i'm not going to do it. and i am not the kind of
democrat that elizabeth warren or bernie sanders are. and i think we have to celebrate people like steve and what he's done, all the while as a democrat and part of the loyal opposition saying that the tax bill, at least in my terms was not ideal, to many americans it wasn't ideal. stuart: okay. surely not going into the election, democrats, not you, the democrats, surely not going into an election saying, we're going to take those bonuses back, we'll raise taxes on -- >> no, i don't think so. i think the democratic argument will be that the rich need to pay more. which is, a standard pitch, but i also think they need an inclusive message on economic growth, on how they're going to fix health care and deal with immigration. stuart, as a democrat i was very proud of the bipartisan meeting donald trump had. if that donald trump showed up every day i'd be proud, america would be proud and we would have a better governance.
stuart: well, wait a minute. i want to know what the democrats are going to run on in november of this year. tell me, what is it? >> they're going to run on one word, i frankly, resist and oppose trump. stuart: do you think that is winning message, given the success of the economy, the bonuses all over the place? >> it may well be. stuart: you think? >> because the president's approval is still hovering around 40. the tax bill is not that popular. it may well become popular and i could be proven wrong but here's what i say. the democrats should do something different. they should be bipartisan. so should the president but i don't think it is going to happen. so they will run on one word, resist. stuart: okay. good luck with that. still a democrat. >> vaguely. not a warren or sanders democrat. stuart: you know what? i think you will become a florida democrat. >> that sounds very good. stuart: you don't want to be paying all this extra money in new york city. >> you and i both. government in exile. stuart: i can't leave.
>> i can. and i will. stuart: doug, you're all right. thank you, appreciate it. next hour, bret baier himself, he's the guy who asked senator elizabeth warren that question about tax cuts. he will join us. that again is in the next hour. look at oil, $64 a barrel this morning. new york city suing five major oil companies because of climate change. the city is suing bp, exon, conocophillips, royal dutch/shell. they allege that they played a role in global warming and seeking to bet back billions of dollars spent on preparing for climate change. they are so cute. check this out. actor gary oldman, picked upchurch hill's habit of cigar
♪ ashley: bitcoin is taking a hit after reports that south korea is planning to ban all cryptocurrency trading. business professor brian benburg says it is unlikely that plan will work. roll tape. >> it doesn't surprise me that there's countries out there saying this is a competition to our national currency. we're concerned about it. i don't think the people of south korea like this very much because south korea is one of the places where cryptocurrencies are popular. even if it is speculative, no need for the government to get in the way of this sort of thing. stuart: but they will simply move it. >> this is greatest game of "whack-a-mole" ever. governments can't do anything about it. that is good thing. not such a big thing for south
cry but think about places like venezuela craving a currency that works. they're putting a lot of hope in these things. the government can't do anything about it long term and that is good for people. here's a question. with smart, revolutionary hearing aid technology available right now, why does it take most of us 7 years -- when we know we have hearing loss -- -- to actually do something about it? will you continue to feel left out... to constantly ask people to repeat themselves... and to miss out on so much in life... for all that time? really? with the aarp hearing care program, provided by hearusa, why wait even 7 minutes? call right now. and receive the highest level of quality, care and value in the industry. which is why so many people have trusted us to get their lives back. because the time to enjoy
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stock to 88. it is at 78 now. barely budged. controversial arizona sheriff joe arpaio announces his bed for the senate and also kelly ward. and now this, foxbusiness.com is reporting that congresswoman martha mcsally has spoken to the senate leadership fund as she prepares to run as well. congresswoman mcsally joins us now. ma'am i have to ask you straight off, are you running? >> stuart, stay tuned we do have a big announcement schedule tomorrow. so stay tuned. stuart: i don't know whether you can see me now, you're nodding your head. i will take that as a yes. >> i'm telling you to stay tuned. stuart: but you have a big announcement? >> yes, we do. >> i will move on, if that is okay with you. >> absolutely. stuart: okay. i want to talk immigration. the president says we need the border wall. we need to end the chain migration and we need an end to the lottery system.
in return, okay, we'll agree to do something with the "dreamers." are you okay with that position? >> well, i was honored to be invited to the white house for that unprecedented meeting that the press got to see with cameras rolling and my colleagues and i in the house republicans we've been working on for four 1/2 months a bill we introduced yesterday that included the president's priorities here. look, for the american people to agree to do something on daca, and daca recipients they only want to a secure border. we don't want another group of daca recipients here, five or 10 or one year, because we haven't addressed issue started us in this place in the first place. our bill we introduced yesterday, with chairman mike mccall and bob goodlatte and raul labrador and myself include the things president asked for. we get into nuance of sanctuary cities and case law and closing loopholes and unaccompanied minor policy these are reasonable requests to have
associated with this. stuart: what about the other side of the coin which is the "dreamers"? are you okay with some of them staying under some terms if you get the other side of the coin, the wall and chain migration? >> so our bill we introduced yesterday has a legal status for the daca population. every three years they have to check in. they have to have good behavior. they can do that internally. they don't have a special path to anything. we want to make sure those going through the legal path are not somehow cut short on this so this is a reasonable approach that gives them certainty but also addressing the priority of safety and security of the american peel and insuring we don't have this problem again. stuart: i understand. the democrats won't accept that. they want citizenship or path to citizenship or green card or something. you snead their vote. >> i hear you. stuart: you have to get 60 votes in the senate to get anything done. you're not going to get democrat votes unless daca people get status they want. >> i would ask democrats to
rolled up sleeves start negotiating with us in good faith. most republicans are willing to do something related to this population. we have to address root causes why we have this population in the first place. stuart: sure. >> the democrats have said "dream" act or nothing. the white house came out with 70 priorities in the fall. our effort in the bill we introduced has about 35 of those priorities. so we are showing in good faith that we are willing to come to a place of prioritizing all the things that we would like, not having all of them in there, and pairing this up with some sort of daca solution. so they need to stop playing politics wit and get to work negotiating with us. stuart: got a deal. sally mcsally, we'll wait for the big announcement. i think i know what it will be. thank you for joining us. >> thank you, stuart. stuart: mcsally's potential competitor that would be former sheriff arpaio, he is joining charles payne tonight 6:00 p.m. eastern on charles's show, "making money with charles payne." coming up the devastating mudslides in california.
we'll head to montecito for a live look what is happening on the ground. we'll be back with that. do you is up 100. i'm a concrete mason. i had severe fatigue, became diagnosed with hodgkin's lymphoma. he was a good candidate for immune therapy, which is allowing his immune system to attack the tumor. learn more at cancercenter.com
fox news's william la jeunesse is at the scene. what more can you tell us about this awful story? reporter: ashley i can tell you, as you said, 17 fatalities. updated figure moments ago, eight still missing. some of others were accounted for last night as they finally got in communications. but it has been worrisome about that? it has been 72 hours since the mud brought down boulders like you see here in montecito. workers spent night trying to clear debris. first-responders poking through the mud, looking for survivors. officials concede time is running out. >> relative to duration, there are several factors that go into determining how long a victim will be viable and all of those factors including air temperature, soil temperature, weather conditions and the like will be evaluated before we move into the recovery mode. reporter: it seems every dump truck in southern california is here. they're bringing out all this soil and mud that came off the
santa ynez mountains because the thomas fire really destroyed and stripped away the vegetation, turning the topsoil to powder, and when the rains came, literally the mud swept down, boulders and tries, creating that big debris field. you can see video here of this car literally washing down a street like it was a luge or something like that. but basically at this point yesterday, three were found alive, two dead, and friends and family remain hopeful. >> i think their house got washed away. and i hope they got out by a rescue team or maybe some neighbor or something picked them up. and maybe they can't reach us right now. reporter: now some individuals had mandatory evacuation. others here voluntary. that remains controversial. ashley, send it back to you. ashley: traumatic scenes. william la jeunesse in montecito. thank you so much, william. the third hour of "varney"
stuart: if anyone had challenged president obama's sanity they would have been out of a job in 10 seconds flat and banished from respectable society but donald trump is a different story. there are no restrictions. you can call them what you like, thus new york times editorial board has this headline today. is the trump nuts? they used that word. the times answered his own question saying it is beside the point, he is impulsive, erratic, alarming and yes, unfit to serve blues not a word about the president's actual performance, strong growth, 2 million new jobs, 2 million workers getting bonuses, tax cuts, a huge win for everyone's pension plan, isis gone.
that is the one year record of this unfit to serve, dangerous president. just to exactly is dangerous? president obama who gave away the store to iran, opened the door to isis and ran up the data too, dangerous levels. what are foreign governments supposed to think? what are americans supposed to think when the left and the media combine to suggest our country is being run by a president who is mentally unstable, how low can you go? how dangerous can you be? later this hour we are joined by dan henninger of the wall street journal, his headline, trump proves he is sane. next karl rove's headline, psychiatrist with a press pass. the third hour of "varney and company" is about to begin. ♪ it is the third hour of
"varney and company" and we have an all-star lineup, karl rove, art laughter, dan henninger, bret baer, such a big show, i am not on that -- i have my name on the show. news from capitol hill, house speaker holding a new we -- weekly news conference, if it makes the headline you will hear it. back to my take, top of the hour, headline from the journal from karl rove, psychiatrist with a press pass, karl rove is with us, sub headline, a dubious new book starts a long national dialogue on whether trump is crazy. i presume you conclude he is not. >> that is right. i started the column by quoting from the new york times which in 1896 ran a four day period three articles charging the democratic nominee for president was a mad -- insane. they quote anonymous sources to
say he is delusional, out of touch with reality, he has got images of grantor, he is a complete mental defect and a demagogue and we must examine him and get him off the public stage so this isn't the first time this has happened. what is amazing to me is upon reading the book how thin so much of this is and at key moments this book reflect more poorly on its offer than it does the target of his liberal bias. stuart: you are saying members of the press have acquired a psychiatrist license or credibility or credential i should say but clearly they don't. it is dangerous, when you start speculating it is dangerous, what say you? >> this book is not going to convince anybody to change their opinion. if you disliked trump, you read the book you are confirmed in your dislike him if you like
trump, you are not going to like him any less because of this because so much of it is the normal washington gossip. what is amazing to me is at times this guy wolf makes himself look like the guy who doesn't know what is going on, chapter rate, he spends page after page, there is a huge argument in the west wing, three conflicting approaches, the chief of staff wants to work with the congressional republican leadership to pass an agenda, jared kushner has a different idea, he wants to reach out to ceos for supported advice and steve bannon is pooh-poohing both of them saying we must use the executive order power of the president to advance the president's agenda and closes the section by saying somehow donald trump simply did not seem to understand he couldn't have it all. wait a minute. every president wants all three of those things, he wants to work with congressional leadership to advance his agenda through legislation, he wants to work to gain support
of outside groups and get new ideas and fresh thinking and use executive authority as president with executive orders to push his agenda as far as it allows so the guy looks like an idiot here is michael wolf who is suggesting somehow the president is fatally flawed, not believing like every president before him in using all the powers and prestige of the office to advance his agenda. stuart: i will leave it right there with that out you. >> thank you for having me on your show because it is not just big, it is huge. stuart: got the accent slightly off. thank you, see you soon. you got to get to the markets real fast. we are up close to 120 points on the dow, half of a percentage point hire, plenty of green on the left-hand side, stocks moving higher among the dow 30.
we are at almost 25,500. how about that? let's check that we 10 year treasury yield, down from where we were yesterday, 2.56%. i want market commentary, scott martin, this, the high yield on the ten year treasury, let's deal with the banks first of all because that is rising interest rates, good news for banks. >> absolutely. the banks have an interesting model where they like short-term interest rates and higher long-term interest rates because that is the spread they may, the net interest margin. that is a little bit of education. what is interesting about the banks, we do like financials in 2018. it is not a top sector pick but how many times in history have we heard the banks are coming back, they will be better than they were before 2008, some recovered to pre-financial crisis levels but i would be cautious with expectations
because interest rates are not taking off by any means. stuart: looks like this market is up on another tear. we are up close to 25,500. is this the next leg up? is that the final phase of the bull market? >> i am expecting some huge gains in the market and the first quarter because we are seeing some arrays -- expectations, raising expectations into earnings, we had a great holiday shopping season, we have seen some benefits from the tax-cut from some company talking about what they are going to do with the extra cash and on top of that we get a report on q4 earnings in the next several weeks on the s&p 500 that will drive the dow up to 206k pretty quickly as these earnings reports come in positive. stuart: we have 500 points to
go. please show me the energy stocks because they appear at this moment to be leading the rally of the dow industrials. we have bill diblasio on screen. the price of crude oil is $64 a barrel, energy stocks are going up. the mayor of new york is suing the top five oil companies because they contribute to global warming. oil stocks are going up. what do you make of this? >> he is not a big fan of oil. elizabeth talked in the show about global warming, look at the transportation costs and transportation methods bill diblasio takes on his leisure time. that is more contribution than these oil companies do. the thing about oil, it is like the financial to me. everyone talks about oil and energy part of being one's portfolio and needing to be owned, we have been selling a lot of oil positions.
we don't tony right now i'd if you loan oil you must buy, hold and hedged it to some degree with respect to buying other sectors in the s&p because energy moves around, it is very volatile and oil stocks do not do well unless crude oil does well of which there is a lot of supply. stuart: i will leave it at that. the dow moves to 120 points, dow at 20,086. thanks very much indeed. switzerland cracking down on welfare recipients. a new law prevents migrants who have been on welfare in the past 3 years from becoming citizens. that is unless they pay back the money they received. the previous law allowed migrants to apply for citizenship as long as they were not on state benefits when they applied. tightening up in switzerland am a breaking news, we now know who will be traveling with the president to diverse. steve mnuchin, rick perry, alex acosta, justin nielsen. this is a fifth of the cabinet.
the conference starts january 23rd. big show coming up in the swiss out, i can't wait, i want to be there. mister president, can i come with you? 20 minutes from now speaker ryan will take the podium. we will be watching for any headlines at his weekly news conference and look at this, millionaire, wait for it, millionaire foxbusiness host, i will tip waiters less if minimum wage goes up. this is about me after my interview with apple chief, apple metro ceo, if you saw the interview, you know that is not what i said but i will address that very shortly. we will be joined by ceo and founder of fat burger, will benefit greatly from the republican tax plan. 66% of americans are confident in the economy. former reagan economist art
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stuart: seattle has a new soda tax. 36 can case of coke is $7.50 more expensive. the backlash, costco started putting up signs saying it is the city to blame, telling customers just go to the suburbs, fair enough, fair point. the trump administration will allow the states to require people on medicaid work. if you are able-bodied get out and work if you want to keep the money coming. i got that right. and not working,?
medicaid flowing, got to get training? it sounds a little harsh. are you for or against it? >> doesn't sound harsh to me. if you can work and should work, why should you let other people work and pay you the money when you can work and pay it yourself? stuart: people will say it is harsh. >> what bill clinton put in when he was president, work requirement for welfare recipient, look for a job, get a job and it worked beautifully, exactly what happened in north carolina when they can put in unemployment compensation drops and the threshold drops and the unemployment rate dropped dramatically, this will have a major effect and it is good for the country as long as they are very clear, able-bodied people, not putting undue hardship on people, wish i could do it with
all my kids. >> deck loses donald trump has been lucky there have been no external shock has derailed the economy. he has been lucky. your reaction? >> a lot of luck in this world, contingency plays a major role but donald trump has been very effective in his judgment. and those overweight any of the luck. north korea, in part responsible for trump's responsibly, they come to the table to make differences. what is happening in iran is because of trump in some sense and the economy reflects a great deal of trump especially the stock market but it is blending into the real output of climate and all those numbers and to a large extent
due to what trump has done. a great first year president, just great. stuart: a lot of people contest that view the donald trump has given this great economy. 66% in quinnipiac poll say the economy is excellent or good, but more people believe donald -- believe president obama is responsible, not trump. >> you are misreading the quinnipiac poll. january 20th, when he took office, 100% of people would have said the economy was due to obama and as you get further into the trump era, what you are going to see is fewer and fewer will say it is obama and more will say it is trump which is the way it should be. a lot of what we are doing today is because of obama, but more every day is because of trump's policies and it will continue and the stock market, don't know how anyone can say
the stock market the last year is due to obama. that doesn't make any sense but as far as employment and growth the economy is poor because of obama, not good because of obama but it will get better. stuart: on the stock market, 25,480. on this program in the not too distant past, you said we were going to 25, 26, 27, do you want to repeat that? >> we are in a long bull market in my opinion. two things make a bull market, what is the horrible condition when you start and the second one is the great condition when you finish, that makes a bull market, what you buy and what you sell, after the w and obama, 8, 16 years, we had a very very bad base in our economy and that gave trump a huge leg up by having a very low base and with these policies he is putting in place and reducing the policies, this market has a long way to go up.
the example i use, it doesn't go this much. august 1982 until the end of 2000 when bill clinton was in it, it was the reagan bill clinton era. stock prices in real terms increased over sevenfold during that period. think of it in terms of the current market and you can see we have a long way to go before the market peters out. stuart: that is a fine out. i love it. thanks for joining us. >> have a great day. stuart: we will, promise you that. news on the air force, it deployed three of those stealth bombers plus 200 airmen going to guam. these aircraft has been capability, a show of force
against north korea clearly. the b-2 bombers will be to support the pacific command bomber assurance and deterrence mission. listen to this. senator elizabeth warren dismissing the benefits from the tax deal, special report's bret baer asked a question and he will be with us very soon. listen to this, jersey town of leoneyes of a once or the mitchell street from removed from navigation apps saying it streets are becoming flogged with drivers looking for shortcuts. the mayor is here with me shortly. speaker ryan has pushed back his news conference. we would hear from him 25 minutes from now and we will talk about immigration, whatever he talks about you will hear the headlines. we will be back. ♪ let's begin.
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back from this. stuart: minority leader nancy pelosi on the tax bill after it was passed by the house. today walmart announced pay raises and bonuses for hundred and thousands of its employees, $11 an hour minimum wage, 1-time bonuses up to $1000 for hourly workers, that does not sound like armageddon. check this out. very rare breed of sharks looking like something out of a movie, scientists say the vipers shark can open it jaws wider than its mouth and glows in the dark, five were found off the coast of taiwan during a routine survey. that is why you don't go in the ocean. computer parts being turned into jewelry. dell is mining gold from recycled motherboards offering gold rings, earrings, cufflinks, the pieces cost 78 to $300. listen to this.
one woman on january 4th in california, she returns a christmas tree to cosco, once her money back because it was dead and she walked away with a full refund, 10 days after christmas, one irate shopper posted a picture of the tree on social media and said i didn't see it. if i didn't see it i wouldn't believe it, someone has moral values or lack of conscience. look at this. i want to show you federal immigration agents arresting 21 suspected illegal immigrants after auditing 100, 7-11 stores. paul ryan holds a weekly news conference, we are listening in for headlines, 15 to 20 minutes away from him the speaking. the dow is up 120 points, getting close to 25,500. we will be back.
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average is up 110 points, 25,477. i got to say the rally continues. look who is our next guest. trump proves he is saying. why do we bring this to your attention? the editorial board, is mister trump nuts? dan in anger, the man on the screen, he will promote his own story in the journal, trump proves he is saying. >> we have 2 debate whether the president is same or not. i don't think anyone would seriously say he is nuts. i've talked to psychiatrist, trump has mental capacity. the michael wolf book think people think he is an idiot, a moron, had accumulated to the
point where trump realized -- couldn't let the snowball gather into an avalanche so he did react, he gave a farm speech on monday, and then there was the fascinating event with members of congress over immigration. i was sitting at another studio at fox watching the entire thing. at first it wasn't clear to me what was going on. obviously he was having a meeting with 24 members of congress in real time with the press gathered around and cameras rolling and it was an impressive event, trump basically was pushing policy forward on this and they walked out of that meeting and announce the basis for a deal on the dreamers and kirstjen nielsen immigration. contrast that with barack obama gathering the same number of bipartisan members around the table in 2010 to talk about
healthcare, very serious presentations from the republicans, six hours and after it obama says i haven't heard anything new, nothing i am going to deal with was these people and obamacare bill was voted by just democrats, trump by contrast is pushing the process forward. is that the work of an insane president? stuart: clearly not, that would be my opinion and the opinion of most rational people but to make that kind of comment, to suggest that he is nuts, crazy, out-of-control, that is dangerous. what our foreign government supposed to? what are americans supposed to, we are led by somebody who is crazy. i don't like that at all. >> i think it is dangerous but what trump did this week in pushing back against this with this meeting is a template for the way he should think about conducting his presidency going forward. he is capable of doing it, capable of accomplishment as we just passed a big major tax reform and now we are on the brink of doing a bipartisan
compromise on dreamers and immigration. these are real accomplishments that he should go in that direction using that as a template. liz: when he opened the meeting to the media and people saw what was going on and how he conducted himself you should see the 180 by the media afterwards, spitzer said that was pretty good performance, dana bash said it works. stuart: the line in the election in november will be he is nuts, vote for us. >> when he gets reelected in 2020 he will invite michael to the inauguration. stuart: now this. a very interesting story, the new jersey town wants residential streets removed from navigational apps, google maps or waves, it streets are clogged with drivers looking for shortcuts they got from google maps.
the city proposes a $200 fine for nonresidents for driving on leonia street. julius caesar is the mayor, you opened a can of words. do you think you have no choice because your town is so clogged? >> we don't want to do this, we have to do this. because of our geographic location at the confluence of three interstate highways a quarter-mile from george washington bridge 20 minutes from midtown manhattan are inundated from all sides. we are not trying to raise revenue, the goal is to remove traffic from our narrow side streets for public safety. stuart: you have a legal problem because i don't know how you can stop regular folks from using your streets and what happens if other towns do exactly the same thing, google
maps become useless and outperform their function. >> let me address the legal problem and we don't believe we have a legal problem and we researched it, we are not going to it at legislation and hope it is legal. stuart: i am a new jersey driver, if i drive through the streets of leonia, pool over, $200, you shouldn't be here. >> they can legislate restrictions on streets as long as they don't restrict the residence and not others as long as it serves legitimate public service it is public safety and quality of life. both recalled in the supreme court decision, there is case law. we have an 18 officer police department, we functionally don't have the bench strength to be enforcing this all over
60 streets. the algorithms in navigational apps will remove those streets as restricted access streets from the recommendation engines. stuart: that is how you do it. those streets are marked as you can't go down the street. >> it is not a valid shortcut to use. stuart: when do you do that? >> we will start enforcement on january 22nd, all our residents are applying for am tags now and putting up a lot of street signs. stuart: stay right there, judge and a napolitano has been listening to this. i'm sure you heard the legal discussion. is the mayor right in citing supreme court case law. >> the mayor, in bergen county, when it was seen to be. because i would have impose
stricter standard than convenience. you can't stop somebody and ask where they are going and if they are local they can stay on the street but if they are long-distance going from franklin lakes to the george washington bridge, you are going to give them a ticket. it is not a public valid safety purpose for stopping them. you can discourage people but you can't punish them for using a public street. unless you have an emergency so if you have fire or police or ems vehicles blocked from using the streets but under those circumstances they can stop everybody, not just locals but everybody. stuart: the mayor, his objectives, changing the algorithm so that the streets in question are marked at you can't go down these streets, won't be pointed down the streets. judge napolitano: he is free to
ask google to compel google and ways to do that. google and ways out of consideration for the lifestyle of the people, and absolutely gorgeous, beautiful place to live. if google wants to be nice about it they can comply with the request but no legal authority to compel google to change its algorithm. stuart: we have the situation straightened out. thanks for joining us. see you on special report. judge andrew napolitano. now this. hundreds of workers in knee-high mud searching for victims of the devastating floods in california. oprah winfrey among the celebrities whose homes suffered damage, instagram pictures on a tour of the mud in her backyard, she is lucky compared to what herthrough.
calling out opera. seal calling out opera for hypocrisy. after golden globe speech, seal says oprah has been part of the problem of sexual harassment in hollywood for decades. two photographs of oprah with harvey weinstein, one showing her kissing his cheek saying, quote, when you have been part of the problem for decades. and seal adding the hashtag sanctimonious hollywood. a headline about me says millionaire on foxbusiness, i will tip waiters less if minimum wage goes up. this was published after a segment about the minimum wage, if you saw the interview you know that is not what i said but i will address it next.
we will be joined by the thad berger founder and ceo. are they making changes because of minimum wage hikes? we will find out. elizabeth warren blasting benefits from the tax deal, special report's bret baer spoke to her about this. her response, bret baer coming up today. achoo! (snap) achoo! (snap) achoo! achoo! (snap) (snap) achoo! achoo! feel a cold coming on? zicam cold remedy nasal swabs shorten colds with a snap, and reduce symptom severity by 45%. shorten your cold with a snap, with zicam. every day we hear from families who partnered with a senior living advisor from a place for mom to help find the perfect place for their mom or dad
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nicole: it took boeing engineers 3 months to develop a giant drone, this drone is powered by electrical propulsion systems, measures 15 feet long, 18 feet wide, four feet tall, it can carry 500 pounds of cargo, weighing 750 pounds. amazon may be interested in the technology to pave the way to deliver heavy goods. and boeing is at 100%, this particular project could help boeing going forward, they are
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i going to give you 20%, 15%? you heard it right there. before the end of the day, the hill, the newspaper, posted this headline on twitter, quote, millionaire foxbusiness host, i will tip waiters less if minimum wage goes up. media says foxbusiness host suggests he will tip less because of $15 minimum wage, no less then nancy sinatra, frank's are responded to that sweet by saying, calling me what a smug jerk. kitchen, a food blog responded as well, quote, a man who has never worked in restaurants outright reject inflation. there were even numerous calls by people to spit in my food. i would like to point out i never said any of that. i posed a hypothetical
question. i would also like to point out i have worked in restaurants before. i was a waiter at several restaurants in connecticut for eight months in 1973. i was a waiter and a dishwasher in london before that. i do know what it is like a. more on the minimum wage, several companies are scaling back their workforce after government mandated wage hikes took effect this year. come on 10, fat burger's ceo, how will you respond to minimum wage hikes? >> minimum wage increases are going to cause prices to go up. our business is up significantly so we are copying 10% positively in california right now but as prices need to go up to support the margin for restaurant operator. stuart: you have raised prices as opposed to what other food chains are doing like getting rid of us boys, that was red robin, and others cut back on
the benefits they pay to their workers but you are simply raising prices, correct? >> you have to. the restaurant operator only makes 5 to 15% bottom line, wages are 30% of sales. if you have a 50% increase in minimum wage from $10 to $15, that is a 50% increase and 30% cost goes to 45%, that whole margin, all their profits go away so restaurant operators have to raise prices, no choice. stuart: i have not eaten in a fat burger, not been inside one of your restaurants but i presume you don't want to bring in technology to serve people, you want to stay with the waitstaff, correct? >> the guest experience is important, there's technology for online ordering and delivery but as far as changing our staffing because of the change in minimum wage that is
not something we would do, we were not cut back on the guest experience. stuart: i was intrigued to see pictures of your burgers on the screen which i have not even there but it does look like a fat burger, thing is gigantic. i would have thought that would be out of fashion in your sales would be down. i'm totally wrong? >> we had eight years of positive same-store sales domestically in the us and north america. we also own the ponderosa and bonanza chains. our business is growing everywhere. we just went public a couple months ago on the nasdaq. our goal is to deliver more burgers, shakes and fries to our customers and open more stores. stuart: can you tell me the price of your fat burger and the calorie count? >> it is $6 for burger and the calories are around 500 and if you get a skinny burger which doesn't have abundant it is 300 which is not high-calorie. stuart: we got the story, thanks for joining us was i
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>> elizabeth ward was on special report last night. did she bless any givebacks from the tax deal, roll tape. >> of democrats take control of congress would you repeal the tax law? >> we have to change it, take out the parts that are giant giveaways to big corporations that right now the republican plan for hard-working families to eventually pay for. >> of resource in massachusetts, the electricity company announcing they will give a big break to consumers. >> good for them. stuart: at the end of that interview and i watched that i got the distinct impression
that senator warren would go into the next election on a promise to raise taxes on business and end the givebacks. did you get that impression? >> i got the impression she didn't want to answer the specifics of that question which was which part of the tax law would you change? if you're not going to repeal the whole thing, which parts would you take back? pointing out companies in massachusetts are giving not only checks to workers, giving back $56 million in savings because of the new tax law, affects the hard-working people in massachusetts in a real money way. what was also interesting alongside her is senator warner from virginia, a moderate democrat clearly had issues with what she was saying about the tax law.
stuart: since you did the interview as of early this morning walmart has turned around saying they will give bonuses to hundreds of thousands of employees, raise the starting minimum wage from $9 to $11 an hour and give extra benefits. that makes it more poignant, you can't take that away. >> where would she report the that is the corporate tax rate, at 21, what is the number? the benefits people are seeing in massachusetts does she not want to see those? not to nail down on that was tough. she came on to talk about the legislation they are cosponsoring about equifax, trying to say if they had data breaches they should be penalized. stuart: january 17th will be the anniversary of president eisenhower's farewell speech. you wrote a book about eisenhower three days in
january. is that what it is all about? is that farewell speech? >> it is that and the end of the eisenhower administration of the transition to kennedy three days before the inauguration. what you can learn from either an hour is amazing. i spent three years looking into it, the paper book is out now, this book has been out for a while but the speech is the 17th and it has been a great run and a lot of fun to look back in history. stuart: i read the eisenhower book and it is gripping stuff. i will see you tonight. i will take you now to capitol hill where the press conference with paul ryan, listen in please. >> we need time to write a number of us but that is what we are talking about. getting an agreement to have time to write the bill or make good progress on negotiations
when we have more progress to report. we don't do that. and used it up. >> you talk about the need to fund the military, and having it both ways because nothing hit the military more adversely. >> we have to have a agreement to fund the military to have the appropriate is the number they need for their bill. >> just saying. >> of special counsel requests an interview with the president? >> i will not go on these things. >> part 2, the administration official should cooperate with special counsel. >> i will refer to the white house on those questions. >> we understand you spoke to the president after his morning tweet.
the president does not understand what this is, the fact that his own administration are supporting it? >> we speak on a daily basis. it is well known that he has concerns about the domestic pfizer a lot. that is not what we are doing today. today was 702, a different part of that law. section 7, not title i. title vii we are doing today is foreign terrorism, foreign soil. he knows that and put out something that clarified that. his position has been clear did he not understand what bill you're talking about. >> he has other concerns about fisa. >> reporter: letter from 100 ceos, if you don't come up with daca deal by january 19th there is crisis in the workforce? any immigration bill passes the house need majority support from republicans? >> say that again? reporter: any immigration needs majority support of republicans?
>> i think we have that. we'll put together a daca compromise with majority support from our party. i know sound like a broken record, a, we want to fix daca. we do want to fix duckca. we want to fix it addresses root cause problems. so we don't have a daca problem again. that is kind of common sense. that means security measures needed to accompany any daca solution are necessary so we have final fix and not a temporary fix so we don't have a problem down the road again. that is common sense, rational and that will be bipartisan. nicoles, i haven't seen you in a while. reporter: getting to the question about the tweets today, then also the wolff book -- >> which? reporter: wolff book. >> see i don't read every tweet. i saw the two on fisa, that you're talking about. talk. reporter: i imagine you have a lot of tweets on mute.